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Whistleblower Birkenfeld Sees Missteps and Vindication in UBS Case
printNot long ago, U.S. settlements in the hundreds of millions of dollars for violations of American law by a foreign bank seemed unlikely, if not out of the realm of possibility altogether. Then came the $780 million deferred prosecution agreement with UBS AG in 2009 for helping U.S. citizens evade taxes. The case, which is today one of several on the books for similar infractions, stemmed in large part from information provided by Bradley Birkenfeld, an American former director at the Swiss institution. The decision to come forward has since emboldened others to disclose similar infractions at other institutions, according...
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Former UBS AG employee Stephanie Gibaud in 2008 was faced with the choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied her until she departed in 2012.
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British lawmakers Monday sharply criticized HSBC’s leadership for failing to prevent widespread tax evasion by clients and take responsibility for the institution’s compliance lapses.
With new international data-exchange agreements in place, the United Kingdom will soon have greater access than ever to information on tax dodgers with offshore accounts, according to the nation's Financial Secretary to the Treasury David Gauke.
One of Israel's largest banks will pay $400 million to federal and state officials after admitting that it set up fake loans and corporations to help wealthy American clients stash their money abroad.
Hundreds of Swiss bankers are suing to stop their old employers from turning over to the United States details of their interactions with suspected American tax evaders, according to a tax attorney.
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Credit Suisse is unlikely to turn over the names of some suspected tax cheats even if the United States adopts a pending bilateral tax agreement with Switzerland, bank representatives told lawmakers Wednesday.
Despite five years of negotiations with Credit Suisse, the U.S. Justice Department has identified only one percent of the bank's American clients it suspects of dodging taxes, according to lawmakers.
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A U.S.-Swiss plan to resolve a tax evasion dispute may absolve Switzerland's government from further action but will prove costly and time-consuming for participating banks, say attorneys.
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The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials.
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As settlement negotiations with Swiss banks continue, the IRS is turning its attention to jurisdictions outside of Europe, including two set to eclipse Switzerland as the world's top secrecy havens.